SPS Commerce reported third‑quarter 2025 revenue of $189.9 million, up 16% from $163.7 million in the same period a year earlier, and recurring revenue of $172.3 million, an 18% increase. Earnings per share were $1.13, beating the consensus estimate of $1.00 and surpassing the prior‑year diluted EPS of $0.62. Non‑GAAP EPS for the quarter was $0.92, compared with $0.92 in Q3 2024, indicating stable profitability.
The company’s fulfillment business grew 20% year‑over‑year, while the revenue‑recovery segment fell $3 million below expectations, largely due to Amazon shipment seasonality shifts and changes in inventory policy. These headwinds contributed to the lower guidance for the final quarter.
Eduardo Rosini was named Chief Commercial Officer effective December 1, 2025, replacing retiring Chief Revenue Officer Dan Juckniess, who will step down on December 31, 2025. SPS Commerce also authorized a new share‑repurchase program to buy up to $100 million of common stock from December 1, 2025 through December 1, 2027.
For the fourth quarter, the company projected sales of $192.7 million to $194.7 million and adjusted EPS of $0.98 to $1.02, both below analyst expectations of $199.9 million in sales and $1.05 in EPS. SPS Commerce reiterated confidence in its network‑effect model and outlined a 2026 outlook of 7%‑8% organic revenue growth and a 2‑percentage‑point expansion of adjusted EBITDA margin.
Recent acquisitions, including Carbon6 (closed February 4, 2025) and SupplyPike (acquired July 31, 2024), have expanded the company’s customer base and contributed to amortization expenses. The firm remains positioned as a leading retail supply‑chain cloud services provider, emphasizing data‑driven partnerships and network‑effect advantages.
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